Beautiful open space is one of many perks enjoyed by residents of the Shenandoah Valley. It also makes our region a great place for homebuyers to take advantage of the USDA home loan program. As long as the house you wish to purchase is located in an eligible rural or suburban area, you can take advantage of a zero down payment mortgage with a USDA rural home loan. There are also eligibility requirements for homeowners, including income limits and no credit accounts sent to collections within the past year. Overall, the US Department of Agriculture partners with USDA home loan lenders like F&M Mortgage to make home ownership more accessible to lower-income and rural buyers. You can also use this loan program to finance necessary home repairs and renovations.
Pros and Cons of USDA Home Loans in Virginia
As with other types of mortgages, you can get pre-approved for a USDA home loan.
Flexible options for using the loan, including refinancing a current mortgage.
You can use the no down payment option for 100 percent financing.
You can use a seller’s assist to cover closing costs.
Flexible credit guidelines
USDA mortgages tend to have lower interest rates.
These loans require mortgage insurance.
What types of properties can you purchase with a USDA Home Loan?
Only single-family residences are eligible for USDA home financing. The home must be your primary residence. You can also use a USDA loan to build a new home, relocate an existing home, or make repairs/renovations.
F&M Mortgage: A Virginia Tradition Since 1908
F&M Mortgage, a division of F&M Bank, has been investing in Shenandoah Valley communities, and helping Virginia families become homeowners for more than a century. We are proud to be one of the area banks that offer USDA home loans. Our Mortgage Advisors are committed to offering friendly, personalized service, with the kind of local expertise you only find in people who live and work in your community. Ready to apply for a USDA loan? Use our online mortgage application or apply in person at your nearest branch. If you need help choosing the right mortgage loan, give us a call today!